MADISON, NJ—A joint venture consisting of Normandy Real Estate Partners, MRY Associates and HP Giralda 2014 LLC today announced that it has acquired a 40 acre land site in the Giralda Farms campus in Madison, NJ and will develop the parcel for office space. 

The property is located off Route 124 in Madison within the Giralda Farms campus, once the former estate of Geraldine Rockefeller Dodge.

HFF arranged the financing for this project and several others in the Giralda Farms tract, as previously reported by GlobeSt.com.

Over the years, the park has hosted headquarters for companies such as Wyeth, Atlantic Mutual Insurance, Schering Plough, American Home Products and Maersk.

“We're thrilled to have acquired the last developable parcel in one of the most attractive and sought-after locations in the metropolitan area,” says Giorgios Vlamis, partner at Normandy Real Estate Partners.“This is a highly visible and easily accessible site surrounded by beautiful open space and adjacent to an exceptional range of recreational, cultural and business resources.” 

“Giralda Farms is an iconic New Jersey landmark with a rich history that has led it to become one of the state's most renowned locations for the world's most prestigious brands and companies,” says James E. Hanson II, president and CEO of The Hampshire Companies. “Together with our partners we look forward to becoming a part of that history as we plan the future of the site.”

“This property deserves the highest standard of planning and development – which this partnership is uniquely positioned to deliver,” says Mark Yeager, founder and principal of MRY Associates, LLC. “Along with Normandy Real Estate Partners and HP Giralda 2014 LLC, we are carefully evaluating our development strategy for the site and look forward to participating in the next era of Giralda Farms.”

The acquisition occurred simultaneously with the preservation of 136 acres in Chatham Township, located directly across Dodge Drive from the property via an historic open space transaction led by the Open Space Institute. The newly preserved greenspace will become an extension of the Loantaka Brook Reservation and offer an expansion of the highly utilized amenity adjacent to Giralda Farms.

Correction, 2/10/2015, 3:57 p.m.: An earlier version of this story omitted reference to the HFF role in financing the transaction. HFF's financing had been previously reported by GlobeSt.com in January, but at the time HFF did not identify the buyer and seller.